Shiba Inu ‘Up Against’ Cardano, XRP Says Dev, Burn Rate Surges 900%

Shiba Inu’s lead developer, Shytoshi Kusama, has revealed ambitious plans to compete with established cryptocurrencies like Cardano and XRP, while the token’s burn rate surges over 900%.

This strategic pivot comes as SHIB aims to transition from meme token status to mainstream adoption, despite recent price volatility.

“You’d be surprised how much I am actually listening & planning,” Kusama stated, addressing community concerns about the project’s direction.

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The developer emphasized that some changes can be implemented immediately, while others require more time and strategic consideration.

Notably, Kusama acknowledged that media control is currently distributed among the community. He stated, “I am not in full control of our media. We are.”

This decentralized approach to media management underlies the need for the upcoming DAO structure. This will be facilitated through the Treat platform.

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The DAO will enable community members to participate in decisive votes about content strategy and marketing initiatives. Thus ensuring balanced representation of the ecosystem’s interests.

Shiba Inu ‘Up Against’ Cardano, XRP and Not Litecoin

Kusama made a major distinction regarding SHIB’s market position, stating,

“Believe it or not, we aren’t up against Litecoin or any of these memes. We are up against the OGs like Cardano and XRP and must break into that legacy market.”

The developer emphasized the need to balance community engagement with professional marketing strategies, noting,

“Posting a stick figure is cute, but maybe not if you’re actually getting worldwide adoption.”

This indicates a shift toward more sophisticated market approaches as the project targets higher market cap territories.

Burn Rate Jumps 900%

As per Shibburn data, the SHIB burn rate has skyrocketed by 938.68% over 24 hours, with 3,690,656 SHIB tokens permanently removed from circulation.

The total burnt supply has reached 410,737,816,463,240 tokens, representing a significant portion of the initial supply.

This aggressive burning strategy aims to increase scarcity and potentially drive value appreciation through reduced circulating supply.

SHIB’s price performance shows mixed results across different timeframes:

• 24-hour change: -1.9%
• 7-day performance: -13.9% decline
• 30-day growth: +34.1%
• Yearly returns: +194.5%

The token currently trades within a 24-hour range of $0.00002417 to $0.00002568, while the weekly range extends from $0.00002289 to $0.00002893.

Despite gains over longer timeframes, Shiba Inu remains 70.9% below its all-time high of $0.00008616 reached in October 2021.

Kusama highlighted the strategic differences between competing at different market cap levels, noting that “planning to overcome a 50B region is much different than utilizing the 6B dollar region’s tactics.”

The implementation of the DAO structure through the Treat platform represents a critical step in this evolution, allowing for more structured decision-making processes while maintaining community involvement.

Kusama emphasized staying “in the trenches” with the community while developing these higher-level strategies.

Crypto analyst The Moon Carl expressed extreme bullish sentiment on November 16, 2024, stating he “will not sell $SHIB until at least $0.50!”

This target represents a significant premium to current prices. It also reflects growing optimism about Shiba Inu’s potential for mainstream adoption and market penetration.

Kusama concluded his message by emphasizing continued engagement with the community. He said, “I am right here next to you as always.”

This commitment to community involvement, combined with ambitious competitive positioning and aggressive token burning, suggests a mature evolution of the Shiba Inu ecosystem.